Developers to auction real estate

[Pravda]

Interesting....I've never seen this before. Times must be really tough.

 

https://www.scmp.com/business/article/3148446/after-rebates-and-freebies-thai-developers-auction-flats-online-bid-shake

 

 

[Yellowtail]

You've never seen a sales gimmick before?  

[Airalee]

Various developers in Seattle did something similar after the US housing bubble popped.  Their original asking prices were so high that the discounts weren’t necessarily good deals when the Price/Rent ratio was taken into account.  Similar to what I see in your linked article is that there are undisclosed reserve prices and you can bet that at the reserve price, they’re still making a profit.  Furthermore, when I saw it happen in the past, it was usually carefully selected units with some sort of drawback such as a low floor, blocked view or wonky floor plan.